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| Applebee's, 15058 Jog Road, Delray Beach, FL |
WEST DELRAY BEACH, FL – Marcus & Millichap (NYSE: MMI),
a leading commercial real estate investment services firm with offices
throughout the United States and Canada, announced the sale of Applebee's,
a 4,755 square-foot net-leased property located in Delray Beach, FL, according
to Justin C. White, regional manager of the firm’s Las Vegas office. The
asset sold for $1,870,000.
Chris Cunning, First Vice President Investments in
Marcus & Millichap’s Las Vegas office, had the exclusive listing to market
the property on behalf of the seller, a limited liability company.
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| Chris Cunning |
The buyer, a limited liability company, was secured and
represented by Gabriel Britti, Associate Vice President Investments, and
Ronnie Issenberg, Vice President Investments, in Marcus &
Millichap’s Miami office. Kirk
Felici, Broker, assisted in closing this transaction.
Applebee's is located at 15058 Jog Road in Delray Beach,
FL.
“South Florida has continued to demand aggressive CAP rates,
even from area investors who realize the intrinsic value of local commercial
real estate with strong fundamentals in core markets,” says Issenberg.
According to Cunning, "The location of this property
offered the buyer the opportunity to acquire a solid asset sitting on an
outparcel to a Home Depot-anchored center.
It also benefits from several other national retailers in the
surrounding area."
“This property has excellent fundamentals and is a great
location. It is no surprise that it sold within the first few days of hitting
the market at list price,” adds Britti.
For a complete copy of the company’s news release, please
contact:
Justin C. White
Vice President
Las Vegas, NV
(702) 215-7100
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